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24/01/2013
Developer Loses Commercial Court Case Against NAMA
The Commercial Court has ruled that NAMA can proceed with a case to recover €29m from businessman David Cullen, whose property portfolio includes the Turk's Head bar and Paramount Hotel in Dublin's Temple Bar.
Mr Justice Kelly ruled that despite Mr Cullen now living in London and having begun bankruptcy proceedings just months after NAMA started its action; Irish courts should not be deprived of jurisdiction to deal with the application to recover the loans.
He added that there was no doubt that the Bank of Ireland loans advanced to Mr Cullen were advanced here, are repayable here and everything pertinent to them is here.
NAMA later took over the Bank of Irelands loans.
Justice Kelly also rejected claims by Mr Cullen that there had been culpable delay by a NAMA company, National Assets Loan Management (NALM), in initiating the proceedings here such as to deprive NALM of the opportunity of having the case fast-tracked in the Commercial Court.
NAMA is now free to pursue recovery of the €29m loans.
(H)
Mr Justice Kelly ruled that despite Mr Cullen now living in London and having begun bankruptcy proceedings just months after NAMA started its action; Irish courts should not be deprived of jurisdiction to deal with the application to recover the loans.
He added that there was no doubt that the Bank of Ireland loans advanced to Mr Cullen were advanced here, are repayable here and everything pertinent to them is here.
NAMA later took over the Bank of Irelands loans.
Justice Kelly also rejected claims by Mr Cullen that there had been culpable delay by a NAMA company, National Assets Loan Management (NALM), in initiating the proceedings here such as to deprive NALM of the opportunity of having the case fast-tracked in the Commercial Court.
NAMA is now free to pursue recovery of the €29m loans.
(H)
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Shares Rise As NAMA Debate Continues
The market has reacted positively to the ongoing debate on the National Asset Management Agency, (NAMA). This morning, shares in Irish banks rose in early trading with AIB up 29% in the first 20 minutes of trade in Dublin this morning, to stand at €3.40. Bank of Ireland shares also gained rising almost 17% to stand at €3.
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